The trueUSD (TUSD) trading pairs will now be included in Binance’s zero-free trading promotion, the company maintained. According to the blog post, the promotion from the bitcoin (BTC)-TUSD pair has been expanded, and traders will now enjoy $0 maker fees with all TUSD spot and margin trading pairings. Additionally, users will be able to swap stablecoins for free during the promotional time.
According to blockchain statistics provided by Arkham Intelligence, the action came after Binance minted approximately $1 billion TUSD on the Tron network last week.
The development occurs while the largest cryptocurrency exchange in the world is going through a difficult time as it deals with legal issues and regulatory scrutiny in many nations. Because Binance, its CEO Changpeng “CZ” Zhao, and Binance.US broke federal securities laws, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against them.
The business is being looked at by French officials for “aggravated money laundering.” The exchange has also announced that it will leave the Netherlands after failing to secure a license there. It has also requested the cancellation of its operating licenses in the United Kingdom and its registration with Cyprus’ securities commission.
Additionally, the action indicates Binance’s ambition to spread TUSD trading across its platform. The cryptocurrency company ArchBlock, formerly known as TrustToken, issuing the token, which is the fifth-largest dollar-pegged stablecoin on the market. The intellectual property of the token was purchased from TrustToken in 2020 by a little-known Asian firm named Techteryx.
Justin Sun, the inventor of Tron and a crypto billionaire, is reportedly behind TUSD, but the issuer has refuted this claim.
After a New York state regulator ordered issuer Paxos to create the Binance-branded stablecoin BUSD in February, Binance started to advertise TUSD on its website. At least 90% of the stablecoin’s $3.1 billion market worth is currently held in the crypto wallets of the exchange, according to statistics from Arkham.